Money may have "vaporized"...

(MoneyWatch) 
COMMENTARY Investigators are closing in on what happened to $1.2 billion in customer funds missing at collapsed brokerage firm MF Global -- it's gone. The Wall Street Journal reports:

As the sprawling probe that includes regulators, criminal and congressional investigators, and court-appointed trustees grinds on, the findings so far suggest that a "significant amount" of the money could have "vaporized" as a result of chaotic trading at MF Global during the week before the company's Oct. 31 bankruptcy filing, said a person close to the investigation.

MF Global customers, which included farmers, ranchers, and other businesses, have to date recovered 72 percent of the money they had in their U.S. accounts, according to The Wall Street Journal. Funds outside the country remain frozen. Of the roughly $6 billion the firm managed on behalf of these clients, $5.3 billion has been found. But "hundreds of millions" in customer funds is subject to lawsuits involving other parts of MF Global's business, such as its foreign branches. That means the shortfall may amount to at least $1.2 billion, with the paper noting that "U.S. officials might never be able to recover those funds."

Read the rest here.

I do hope that prosecutions are forthcoming.  Prosecutions and jail time.  Not some white collar country club prison.  These assclowns need to be in a "gray stone walls, hard time prison".  They can keep the sheets warm for the politicians who are apparently looking the other way while all of this theft and corruption is taking place.

Our government is worthless.  It needs to be replaced with a government that will abide by the constitution.

Any bets?  All Corzine and his minions will get out of this are sullied reputations. 

It's disgusting.

Stay safe.